Oil Under Pressure As Bearish News Mounts

U.S. West Texas Intermediate crude oil futures are trading lower on Friday, with prices headed for their biggest weekly decline since June, amid weak demand and ample fuel supplies. After hovering near five-month highs throughout August on the hope of a robust recovery in the economy, prices began to collapse at mid-week following a report that the volume of crude arriving in China was set to slow in September and after U.S. government data showed a steep drop in gasoline demand. End of China’s Crude Oil Buying Splurge May Dent Demand Optimism…